The bulk drug and pharmaceuticals industry should increase spending on Research and Devetopment (R&D) and adopt Biotechnology skills to be able to compete in the global market particularly in the post-WTO scenario, Andhra Pradesh Chief Minister N Chandrababu Naidu said on Saturday in Hyderabad.
“As 85 per cent of existing products are likely to go out
of patent by 2005 as per WTO commitments, an ample opportunity will open up for Indian manufacturers to adapt to the new Intellectual Property Rights regime and prepare for a multi-dimensional growth,” Naidu said after inaugurating a
national seminar on Drug Development- partnership for
progress.
“The time had come for the Rs 6,200 crore Indian drugs
industry to use its process skills and penetrate international
markets, which are the attractive targets with an annual bulk drugs consumption worth US $ 30 billion,” he said.
Pointing out that R&D holds the key to survival, he said
competitiveness could be achieved through technological
upgradation, reducing costs of production and better quality
management.
“Our bulk drug industry produces quality drugs at
competitive prices and our technological base has reached a stage where new compounds are made expeditiously and offered at prices lower than those prevailing in international
markets,” Naidu said.
The one-day seminar, organised by Bulk Drug Manufacturers Association (BDMA), was aimed at taking stock of new options for drugs development and discoveries through strategic alliances and networking.
Bureau Report
